Required information(The following information applies to the questions displayed below]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactionsfor MarchDateMarch 1March 5March 9March 18March 25March 25Activitiesbeginning inventoryPurchaseSalesPurchasePurchaseBalesTotalsUnits Acquired at Cost553.60 per unit$50.60 per unit230 units290 units150 unit200 units350 units$63.60 per unit$45.00 per unitPerpetual FIFO Perpetual LIFO WeightedAverageSpecific dCompute the cost assigned to ending inventory using LIFOComplete this question by entering your answers in the tabs below.Units Bold at Retail390 units # $88.40 per unit3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. Forspecific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from theMarch 18 purchase, and 150 units from the March 25 purchase.245 unite198.60 per unit650 unita Required informationDateMarch 1March 5Total March 5March 9Total March 9March 18Total March 18March 25Total March 25March 29Total March 29TotalsGoods Purchasedof unitsCost perunit# of unitssoldPerpetual LIFOCost of Goods SoldCost per Cost of Goods Soldunit$0.00# of unitsInventory BalanceCost perunit$53.60230 atInventoryBalance$ 12,328.00

The inventory valuation is the accounting method adopted by the business entity to evaluate the cost…

Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 9 March 1 March 25 Activition beginning lovestory Purchase Sales Purchase Purchase Sales Totale Perpetual FIFO Perpetual LIFO Average Units Acquired at Cost 230 unita153.40 per unit 250 units 58.40 per t $63.40 per unit 45.40 per unit Specific 14 150 200 units 350 white Uits Sold at Retail 3. Compute the cost assigned to ending inventory using Le FIFO, (LIFO, (d weighted average, and (d) specific identification For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. 390 unite 11.40 per unit 241.60 per sit 650 unita

Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 9 March 1 March 25 Activition beginning lovestory Purchase Sales Purchase Purchase Sales Totale Perpetual FIFO Perpetual LIFO Average Units Acquired at Cost 230 unita153.40 per unit 250 units 58.40 per t $63.40 per unit 45.40 per unit Specific 14 150 200 units 350 white Uits Sold at Retail 3. Compute the cost assigned to ending inventory using Le FIFO, (LIFO, (d weighted average, and (d) specific identification For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. 390 unite 11.40 per unit 241.60 per sit 650 unita

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Help Save & Exit Check my w [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. of 4 Activities Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Date Units Sold at Retai1 1 Beginning inventory 5 Purchase Mar. Mar. Mar. 9 Sales 250 units @ $85.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units ok k nt Problem 5-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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Perpetual Inventory Using FIFO Beginning inventory, purchases,and sales data for Keurig coffee machines are as follows: June 1 Inventory 50 units at $10 6 Sale 20 units 14 Purchase 90 units at $11 19 Sale 60 units 25 Purchase 40 units at $13 30 Sale 50 units The business maintains a perpetual inventory system, costing by the first-in, first-out method. Using the chart below, determine the cost of ending inventory. Date Purchases Sales Inventory (Cost of goods) Unit Cost Total Unit Cost Total Unit Cost Total 1-Jun 6-Jun 14-Jun…
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Subject : Accounting
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Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
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